In the latest Panasonic acquisition, a joint venture between TMI Associates and Simmons & Simmons is guiding private‑equity investors through a cross‑border purchase of the Japanese group’s European power and battery control unit.
Buy‑side advisors manage a multi‑jurisdictional carve‑out
The buyers, Midas Atlantic Partners and the Najafi Companies, will take over Panasonic Industry’s operations in Germany and Slovakia. The price has not been disclosed. The transaction shifts control of a business that supplies power and battery management solutions to industrial and automotive customers.
Partner Takushi Saito led the advisory team, supported by associates Takahiro Fuchigami and Tomohiro Hayashi.
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“We advised Midas Atlantic Partners and the Najafi Companies on the buy‑side of the acquisition of Panasonic Industry’s European Power and Battery Control Solutions business,” Saito said to a legal journal. “Our scope covered the legal due diligence and transaction documentation, including the negotiation of the share transfer agreement and ancillary documents for this complex multi‑jurisdictional carve‑out from a major Japanese conglomerate.”
The deal spans three countries – Japan, Germany and Slovakia – which added layers of coordination. Each jurisdiction has its own corporate statutes, tax regimes and labor rules, so the advisers had to map out how the business would operate independently from day one.
Ensuring a smooth “day‑one” start meant drafting transitional service agreements that keep critical systems running while the new owners separate from the parent. The coordination was a bit of a juggling act, not unlike trying to line up dominoes on a moving train, and required simultaneous review by lawyers in Tokyo, Berlin and Bratislava.
Accurate communication of the buyers’ commercial intent was also essential. Saito noted that any misstep in conveying their plans could have eroded trust with the seller, jeopardizing the agreement.
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The joint venture between the two law firms proved useful for bridging legal and cultural gaps.
“We leveraged the unique framework of the Simmons & Simmons/TMI collaboration and by working as a single, integrated team combining TMI’s deep understanding of the Japanese corporate mindset and extensive experience in the Japanese M&A market with Simmons & Simmons’ European execution capabilities and its extensive network across European jurisdictions, we were able to bridge legal and cultural gaps between the parties,” Saito explained.
Financial scope and market context
According to the advisers, the European unit generated roughly EUR 413 million (about USD 483 million) in revenue for the fiscal year ending March 2026. That level of turnover places the business among the larger niche suppliers of industrial power‑management technology in Europe, a sector that has seen heightened interest from investors seeking to capitalize on the shift toward electrified transportation.
